Hansel and Gretel are partners. Hansel's capital balance is P130,000 and Gretel's is P150,000. They agreed to share equally in profits and losses. Bot partners agree to accept a third investor, Mocha, as a new partner with a 25% interest in the partnership. Mocha intends to invest P115,000 in cash. The bonus that is granted to Hansel and Gretel is closest to
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![Hansel and Gretel are partners. Hansel's capital balance is P130,000 and Gretel's is P150,000. They agreed to share equally in profits and losses. Both
partners agree to accept a third investor, Mocha, as a new partner with a 25% interest in the partnership. Mocha intends to invest P115,000 in cash.
The bonus that is granted to Hansel and Gretel is closest to](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28e44eef-e50e-496a-b50e-876dada4744b%2Fb912cc11-ccac-44aa-afd4-01327bd4cb65%2F77ge8ef_processed.jpeg&w=3840&q=75)
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- Finch and Gerhardt are partners. Finch's capital balance is P100,000 and Gerhardt's is P140,000 They agreed to share equally in profits and losses. Both partners agree to accept a third investor, Harrison as a new partner with a 25% interest in the partnership. Harrison intends to invest P90,000 in cash. The bonus that is granted to Finch and Gerhardt equals Select the correct response: P15,500 each. P3,750 each. P10,000 each. P5,000 each.Batman and Robin agree to form a partnership. Batman is to contribute 135,600 cash and equipment that has a carrying value of 135,000 and a fair value of 115,000. The equipment however, has a mortgage attached to it and it is agreed by the partners that they will assume it. Robin, on the other hand contributed 240,000 cash. They share profits and losses in the ratio of 4:5. Furthermore, part of their agreement is to bring their initial capital in conformity with their profit and loss ratio.How much is the mortgage of the equipment? Pls provide solutionA. 58,600 B. 10,600 C. 78,600 D. 34,600Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in paetner Bruce's capital accounts?
- Bruce, Parker, and May formed a partnership. Their capital balances showed the following: Bruce, Capital – P252,000; Parker, Capital – P126,000; May, Capital – P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in partner Bruce’s capital account? Please provide a good accounting form in the solutionJerry and Chan have formed a partnership. Jerry contributed cash of 630,000 and computer equipment that cost 225,000. The fair value of the computer is 180,000. Jerry has notes payable on the computer worth 60,000 to be assumed by the partnership. Jerry is to have 60% capital interest in the partnership. Gray contributed only 450,000. The partners agreed to share profits and losses equally. Jerry should make an additional investment or withdrawal at what amount?Jim and Joe are partners agreeing to share profits and losses in a 2:6 ratio, respectively. Business has been profitable and they have decided to admit Jewel to the partnership for a cash investment. The balances in Jim and Joe's capital accounts are presently P240,000 and P260,000, respectively. If Jewel is given a 15% interest in the partnership in exchange for P100,000, the entry to record her investment includes a: a. credit to Jewel, capital for P100,000 b. debit to Jim, capital for P6,250 c.credit to Jim, capital for P6,250 d. credit to Joe, capital for P7,500
- Jim and Joe are partners agreeing to share profits and losses in a 2:6 ratio, respectively. Business has been profitable and they have decided to admit Jewel to the partnership for a cash investment. The balances in Jim and Joe's capital accounts are presently P240,000 and P260,000, respectively. If Jewel is given a 25% interest in the partnership in exchange for P200,000, the entry to record her investment includes a: a. credit to Jim, capital for P6,250 b. debit to Joe, capital for P18,750 c. credit to Jewel, capital for P200,000 d. debit to Jewel, capital for P175,000Jim and Joe are partners agreeing to share profits and losses in a 2:6 ratio, respectively. Business has been profitable and they have decided to admit Jewel to the partnership for a cash investment. The balances in Jim and Joe's capital accounts are presently P240,000 and P260,000, respectively. If Jewel is given a 20% interest in the partnership in exchange for P90,000 cash, the entry to record her investment includes a: a. credit to Jim, capital for P7,000 b. credit to cash for P90,000 c. credit to Jewel, capital for P90,000 d. credit to Jewel, capital for P118,000Marga, David and Anna are partners with capital balances of P784,000, P2,730,000 and P1,190,000 respectively, sharing profits and losses in the ratio of 3:2:1. Cassandra is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership which includes a credit of P735,000 for bonus upon her admission. How much cash should Cassandra contribute?
- Harry and James formed a partnership. The partnership agreement stipulates the following:• Salary allowances of P40,000 and P60,000 will be provided to Harry and James, respectively.• Bonus of P10,000 will be given to James for being a managing partner.• Interest of 5% on the ending capital balances of Harry and James shall be provided.• Partners shall share in the P/L using the 6:4 ratio, respectively.The ending capital balances of Harry and James are P360,000 and P190,000, respectively.During the 1st year of operation, the partnership earned a profit of P800,000.Required:1. Compute for the partners’ share in the profit or loss of the partnership. 2. Prepare the journal entry to record the distribution of profit or loss to the partnerGroh and Jackson are partners. Groh's capital balance in the partnership is 60,000, and Jackson's capital balance is 57,000. Groh and Jackson have agreed to share equally in income or loss. Groh and Jackson agree to accept Block with 20% interest. Block will invest 35,800 in the partnership. The bonus that is granted to Groh and Jackson equals: A. 1,836 each B. 3,580 each C. 2,620 each D. 1,836 to Groh; 1,790 to Jackson E. $0Coral, Camus and Cerda are partners sharing profits in the ratio of 5:3:2, respectively. As of December 31, 2008, their capital balances were P190,000, for Coral, P160,000 for Camus, P120,000 for Ceda.On January 1, 2009, the partners admitted Cordero as new partner and according to their agreement, Cordero will contribute P160,000 in cash to the partnership and also pay P20,000 for 15% of Camu’s share. Cordero will be given a 20% share in profits while the original partners’ share will be proportionately the same as before. After the admission of Cordero, the total capital will be P660,000 and Cordero’s capital be P140,000.1. The amount of the asset revaluation upon the admission of Cordero is2. The bonus, if any, upon admission of Cordero is3. The capital of Camus after the admission of Cordero is4. The partners’ profit and ratio after the admission of Cordero shall be